Pursuant to the Contribution Agreement, the following transactions, among other things, occurred:.
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Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. All obligations under the Credit Agreement are secured by substantially all of the assets of the Partnership and its subsidiaries. The Credit Agreement contains various covenants and restrictive provisions that, among other things, prohibit the Partnership from making distributions to unitholders if any event of default occurs or would result from the distribution.
If such acquisition is consummated, the Terminal Operating Agreement will automatically terminate.
Pursuant to the Services Agreement, the General Partner will provide certain general and administrative and operational services to the Partnership and its subsidiaries, Sprague Solutions and Sprague Holdings, and we will reimburse the General Partner for all costs and expenses incurred in connection with providing such services to us. The specified margin for the working capital facility under arranngement Credit Agreement will range from 1.
The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in wtih Agreement. Pursuant to the Omnibus Agreement, Axel Johnson and its controlled affiliates granted us a right of first refusal if Axel Johnson or any of its controlled affiliates has the opportunity to acquire a controlling interest in assets or businesses primarily engaged in the businesses in which we are engaged as of the closing of the Offering and that ararngement primarily in the United States or Quebec, Ontario or the Maritime provinces of Canada, subject to certain exceptions.
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Internal Revenue Code ofas amended and in effect from time to time. The foregoing description is qualified in its entirety by reference to the full text of the Services Agreement, which arrantement filed as Exhibit In addition, we will incur a commitment fee based on the unused portion of the working capital facility at a rate ranging from 0.
In addition, pursuant to the Omnibus Agreement, Axel Johnson granted us a day exclusive right of negotiation if Axel Johnson or any of its controlled affiliates decide to attempt to sell any assets or businesses that are primarily engaged seekinv the businesses in which we are spraghe as of the closing of the Offering and that operate primarily in the United States or Quebec, Ontario or the Maritimes, Canada, including its equity interests in Kildair Services Ltd.
The Services Agreement will automatically renew at the end of the initial term for successive one-year terms until terminated by us or by Sprague Solutions or by giving days prior written notice to the General Partner. The provisions of the Services Agreement that are arrangfment to Sprague Holdings may be terminated by Sprague Holdings by giving days prior written notice to the General Partner, and will automatically terminate on the date on which Sprague Holdings ceases to be our affiliate.
Pursuant to the Terminal Operating Agreement, the OLLC has the exclusive use and operation of, and retains title to all of the refined products stored at, the New Bedford terminal in exchange for a monthly fee to Sprague Massachusetts.
The foregoing description is qualified in its entirety by reference to the full text of the Terminal Operating Agreement, which is filed as Exhibit The Partnership and each of its subsidiaries are spratue of all obligations under the Credit Agreement. In addition, under the Omnibus Agreement, Sprague Holdings will indemnify the Partnership for certain liabilities.
The provisions of the Services Agreement applicable to Sprague Solutions shall automatically terminate on the date on which Sprague Solutions ceases to be a wholly owned direct or indirect subsidiary of us. With respect to a Disposed of Adjusted Property, the Additional Book Basis Derivative items shall be the amount of Additional Book Basis taken into in computing gain or loss from the seekinv of such Disposed of Adjusted Property. The specified margin for the acquisition facility under the Credit Agreement will range from 2.
The Services Agreement does not limit the amount that may be reimbursed or paid by us to the General Partner. In addition, the Credit Agreement contains various covenants that are usual and customary for a wn of this type, size and purpose, including, among others, financial covenants requiring a minimum consolidated EBITDA-to-fixed charge ratio of 1.
Indebtedness under the Credit Agreement will bear interest, at our option, at a rate per annum equal to either the Eurodollar Rate which means the LIBOR Rate for interest periods of one, two, three or six months plus a specified margin or an Alternate Base Rate plus a specified margin. If an event of default exists under the Credit Agreement, the lenders will be able to accelerate the maturity of the Credit Agreement and exercise other rights and remedies.
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In addition, we will incur a commitment fee on the unused portion of the acquisition facility at a rate ranging from. The sprage agreement does not limit the ability arrabgement the officers and employees of the General Partner to provide services to other affiliates of Sprague Holdings or unaffiliated third parties. The New Bedford terminal is subject to a purchase and sale agreement pursuant to which a third party may acquire the terminal from Sprague Massachusetts Properties LLC.